Market abuse in Britain's financial services sector is at an "unacceptably high level" and must be stamped out as part of the Financial Services Authority's transformation into an intrusive, interventionist regulator, the organisation's chief executive, Hector Sants, has said. (AtW's comment: ze City can do no wrong you commie!!! 
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n his first interview since announcing his intention to step down in the summer after three years at the helm, Mr Sants also reveals that the FSA is to expand by more than 10pc and hire another 460 staff to perform its new investigatory role.
The expansion will be funded by a £41m increase in the regulator's budget to £455m.
"There is an unacceptably high level of market abuse in the UK," he says on insider dealing and market manipulation. "We need to work to reduce that.
"There's no evidence that the UK marketplace is worse than other major financial centres but I don't think that should be our benchmark.
"Our benchmark should seek to have a market that participants really believe to be clean and fair and, as a general test, I think that if you were to ask the market participants, they would share my view that there is too much market abuse."
More: http://www.telegraph.co.uk/finance/n...tor-Sants.html
)n his first interview since announcing his intention to step down in the summer after three years at the helm, Mr Sants also reveals that the FSA is to expand by more than 10pc and hire another 460 staff to perform its new investigatory role.
The expansion will be funded by a £41m increase in the regulator's budget to £455m.
"There is an unacceptably high level of market abuse in the UK," he says on insider dealing and market manipulation. "We need to work to reduce that.
"There's no evidence that the UK marketplace is worse than other major financial centres but I don't think that should be our benchmark.
"Our benchmark should seek to have a market that participants really believe to be clean and fair and, as a general test, I think that if you were to ask the market participants, they would share my view that there is too much market abuse."
More: http://www.telegraph.co.uk/finance/n...tor-Sants.html
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